Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2020 Purchases 2019 Cost Retail $202,400 $430,000 20,000 - 10,000 410,000 Cost $247,500 - - 2021 Cost Retail $240,100 $500,000 - 10,000 Retail $560,000 30,000 40,000 600,000 Net additional markups Net markdowns 20,000 Sales 450,000 The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following price indexes: 115 January 1, 2019 December 31, 2019 100 108 December 31, 2020 December 31, 2021 120 Required Compute the cost of the ending inventory for 2019. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar. BURGER COMPANY Calculation of ending inventory by Dollar-Value LIFO Retail inventory method 2019 Cost Retail Beginning inventory 40,000 $ 100,000 Purchases 202,400 430,000 Net additional markups 20,000 Net markdowns 10,000 $ 202,600 X $ 660,000 x Goods available for sale $ 242,600 X $ 560,000 Less: Sales 410,000 Ending inventory at retail 130,000 Ending inventory at cost $ 50,230 x Compute the cost of the ending inventory for 2020. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar. BURGER COMPANY Calculation of ending inventory by Dollar-Value LIFO Retail inventory method 2020 Cost Retail Beginning inventory 50,230 x $ 130,000 Purchases 540,000 Net additional markups 30,000 Net markdowns 60,000 0 x $ 530,000 Goods available for sale 288,730 X $ 660,000 Less: Sales | 590,000 Ending inventory at retail 70,000 Ending inventory at cost $ 21,313 x Compute the cost of the ending inventory for 2021. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar. BURGER COMPANY Calculation of ending inventory by Dollar-Value LIFO Retail inventory method 2021 Cost Retail Beginning inventory 21,313 X $ 70,000 X Purchases 260,100 x $ 500,000 Net additional markups 10,000 Net markdowns 20,000 $ 240,100 $ 690,000 x Goods available for sale 261,613 x $ 560,000 Less: Sales 660,000 X Ending inventory at retail 100,000 Ending inventory at cost $ 22,663 x